because a covered bond investor also has recourse to the issuer-有问必答-品职教育专注CFA ESG FRM CPA 考研等财经培训课程

because a covered bond investor also has recourse to the issuer

NO.PZ2021120102000032

问题如下：

Which of the following statements about the role of structured products in an active credit portfolio is most accurate?

选项：

Covered bonds perform relatively well in a downturn versus other fixed income bonds with real estate exposure because a covered bond investor also has recourse to the issuer.

Higher-rated ABS tranches are attractive for active investors seeking to overweight default risk when the credit cycle is in recovery.

CLO tranches are more advantageous than CDO tranches with similar ratings under an economic slowdown scenario.

解释：

A is correct. Covered bonds perform relatively well in a downturn versus other fixed-income bonds with real estate exposure because the investor also has recourse to the issuer.

请问这句怎么理解because a covered bond investor also has recourse to the issuer

嗨，努力学习的PZer你好：

这个主要是和MBS对比的。

MBS是有抵押物的债券，Covered bonds也是有抵押物的债券。区别就是MBS有SPE进行隔离，MBS属于银行的表外负债，投资者无权向银行进行求偿，但Covered bonds依然在银行的资产负债表上，属于表内项目，投资者有权向银行进行求偿。have recourse to issuer就是指Covered bonds投资者可以向银行要求赔偿。

具体来说是这样

银行把贷款卖给SPE，抵押物到了SPE手中然后发行MBS，这个MBS和最开始房贷的发放一方银行就无关了。哪怕抵押物资产违约导致MBS的投资者亏损，MBS的投资者最多只能要求SPE赔付，MBS的投资者无权要求最开始发放贷款的银行赔付。因为通过SPE，银行与投资者均已实现了破产与风险的隔离。

但是Covered bonds却不同，Covered bond也是有抵押物的债券，但Covered bonds的抵押物依然在银行的资产负债表上，相当于是银行直接发行债券Covered bonds，并且Covered bonds是有抵押物的，其抵押物是专属抵押物，不能挪作他用。

作为一个债券，Covered bonds可以拿到正常的现金流，即，银行经营产生的现金流，依次归还债券投资者的利息or本金现金流，这是Covered bonds的第一道现金流来源；

当银行经营现金流不足时，Covered bonds有专属抵押物可以变卖，所以投资者可以要求银行变卖专属抵押物归还债券利息and本金现金流，这是第二道现金流来源。

Covered bonds的投资者要求银行变卖专属抵押物的这种行为，就是答案这句说的a covered bond investor also has recourse to the issuer，这里的Issuer就是指银行，has recourse to the issuer就是指投资者可以向银行求偿（即，要求银行变卖抵押物归还）

这句是Covered bonds最主要的特征

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because a covered bond investor also has recourse to the issuer

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